"The study, by the anti-tax group Change Maryland, says that a net 31,000 residents left the state between 2007 and 2010, the tenure of a "millionaire's tax" pushed through by Gov. Martin O'Malley. The tax, which expired in 2010, in imposed a rate of 6.25 percent on incomes of more than $1 million a year."
What is the pain of children growing in poverty or millions of unemployed compared with a millionaire having to pay a whole 6.25%! Nobody knows the trouble I've seen!
But it's these words by this Right wing pressure group that tells you everything:
“Maryland has reached the point of diminishing returns. We're taxing people too much and people are voting with their feet," said Change Maryland Chairman Larry Hogan. “Until we change our focus from tax increases to increasing the tax base, more people are simply going to leave, leading to a downward spiral of raising revenues on fewer citizens."
Yes increase the base-ie, raise taxes on everyone but the rich. All those imaginary people "paying no tax" as they of course ignore the payroll tax as well as state income and sales taxes, along with fees, etc. Don't worry, increase the base just means they want to raise your taxes if your not rich.
As to the validity of this study-it's a Right wing pressure group. I'd certainly want to verify from other more reputable sources before putting any stock in it:
"Some argue, however, that there is little real evidence that higher state taxes drive out large numbers of high earners. Neil Bergsman, director of the Maryland Budget and Tax Policy Institute, said while a number of people left the state between 2007 and 2010, others moved in. The net loss, he said, is “very small,” he said.
"What’s more, he points out that the wealthy usually move because of a job change, life change or retirement rather than taxes."
“There is no evidence that tax structures are a significant determinant in their location choices,” Bergsman said.
"What’s more, he said, Maryland is still minting high-earners and has among the highest incomes and highest concentration of millionaires in the country."